Bitcoin Network’s Hash Rate and Difficulty Reach New Highs

• On August 22nd, the Bitcoin network difficulty surged by 6.17 percent.
• The next scheduled automatic adjustment will push the level of difficulty over 56 trillion.

The underlying Bitcoin network is not looking to follow the negative BTC price behavior. New records have been set for both difficulty and hash rate, as verified by the most recent on-chain statistics. Bitcoin miners seem to be unfazed by the recent price decrease of 10%.

On August 22nd, the difficulty was raised by 6.17 percent at the time of its most recent biweekly automatic readjustment. This was the sixth-highest difficulty increase for Bitcoin in 2023, according to data compiled by tracking portal BTC.com. Moreover, it was sufficient to push difficulty to all-time highs.

As the difficulty of Bitcoin transactions increases, it reflects both more competition among miners and increased measures taken to secure the Bitcoin network. In order to maintain this pattern, the next scheduled automatic adjustment will push the level of difficulty over 56 trillion.

Strong Backing by Miners

Hash rate, or the projected hashing deployment of miners on the Bitcoin network, follows a similar pattern. Moreover, Hash rate is already around 400 exahashes per second (EH/s), which is difficult to determine properly but is already threatening existing all-time highs.

On the other hand, Glassnode, an on-chain analytics startup, found that the sum of Bitcoin owned by mining organizations had not changed much. As of the 22nd of August, this has increased by a consistent 0.08% from the beginning of the month, reaching a little over 1.83 million BTC. According to CMC, the price of Bitcoin at the time of writing is $26,514 and is up by 2.85% in the last 24 hours.

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